GenCurix Raises 27 Billion KRW Funding to Accelerate Clinical Trials and Overseas Expansion

[Asia Economy Reporter Hyunseok Yoo] Liquid biopsy molecular diagnostics company GenCurix announced on the 1st that it will issue convertible bonds (CB) and convertible preferred stocks (CPS) for the purpose of raising funds to strengthen new businesses.

The total amount of funds to be raised is 27 billion KRW, with 18 billion KRW issued as CB and 9 billion KRW as CPS. The secured funds will be used for strategic investments to strengthen operational funds and business competitiveness, including conducting major clinical trials such as early cancer diagnosis, research and development investment for pipeline expansion, and global market entry.

GenCurix is preparing for the official launch of 'Jinswell BCT,' Asia's first breast cancer prognosis diagnostic test. The company also owns the 'Dropplex' companion diagnostic based on the ddPCR platform, which is most suitable for liquid biopsy, and the 'EDX' product line for early cancer diagnosis. To expand its global market share, the company received export approval from the Ministry of Food and Drug Safety on the 20th for companion diagnostic kits for lung cancer, thyroid cancer, and colorectal cancer.

In particular, the lung cancer companion diagnostic kit 'Dropplex EGFR v2' is the only product worldwide capable of detecting more than 100 mutations. Along with this, the company is accelerating the commercialization of early diagnosis products and plans to complete approval for blood-based liver cancer and colorectal cancer early diagnostic tests by the first half of next year.

Additionally, GenCurix announced on the 25th that it was selected as the lead institution for the national project 'Practical Application of Molecular Diagnostics (PCR) for COVID-19 Self-Diagnosis.' Together with its subsidiary NanobioLife, the company plans to expand its product portfolio to include infectious disease diagnostics as well as cancer diagnosis in the future.

A company official stated, "Many institutions showed great interest in GenCurix's competitive business portfolio during this fundraising," adding, "We will strategically utilize the funds raised this time to advance the commercialization timing of already developed products as much as possible and focus on expanding sales by entering major overseas markets such as the United States, China, and Japan."

This content was produced with the assistance of AI translation services.